Infographics: Different Methods of Customer Identification

Spread the love

The customer identification process is globally known as KYC, which stands for Know Your Customer or know your clients. It is the process of identification and authorization of the customer considering risk factors related to the business. Banking and financial institutions generally practice KYC as part of the regulation of general banking and anti-money laundering activities. However, some enterprises are also practicing KYC to control the risk factors and ensure the anti-bribery compliant assessment with their clients.

What is KYC 

The customer identification process is globally known as KYC, which stands for Know Your Customer or know your clients.  It is the process of identification and authorization of the customer, considering risk factors related to the business.

Different Types of KYC 

Paper-Based KYC 

From the very beginning, the process was practiced in the paper-based documentation. The system required substantial administrative costs and manpower.

Digital KYC 

This method uses a computer system to record all data of an individual.  The system is time-consuming, prone to data breach, and required troublesome API integration with the core system.

Biometric Based KYC 

This method uses biometric technology to identify a customer. This is the BEST METHOD FOR KYC. 

Why Is Biometric KYC The Best? 

Accurate Identification 

Provides accurate identification and eliminates the difficulties of identifying the right person and reduces the risk of the financial transaction.

Fastest Verification

Biometric technology authenticates the individual in less than a second and reduces the hassles of repetitive authentication.

Optimum Security

Protecting customer’s identities, and preventing identity theft the biometric KYC enables the banking institutions to reduce the transaction risk.

Here are the infographics that show the different methods of customer identification

Infographics: Different Methods of Customer Identification (KYC)

 

M2SYS simplifies the development and deployment of biometric projects


Paula Flynn

Paula Flynn

Paula Flynn is a passionate writer who enjoys reading, writing and learning about new technologies, content generating, and the Internet.
Paula Flynn